Mortgage Industry Hiring Picking Up
After a lengthy recession during which hundreds of thousands of mortgage industry jobs were lost, hiring is picking up. Recent mortgage industry media reports indicate that major lenders are now adding staff to meet the growing demand from new home sales and mortgage refinancing, which has resulted from the low interest rates and an improving economy.
Mortgage industry employment reached a peak of 500,700 jobs in 2005 before plunging to 261,400 jobs by the end of 2009, according to MortgageDaily.com. So far this year, employment has ticked up 5.7 percent to 280,500 jobs.
The Mortgage Bankers Association anticipates that lending activity should continue to be robust through the first part of 2013 as a result of loans that did not close this year because of the high volume of applications and under-staffed loan offices.
The dynamics of the lending industry have changed somewhat, with the two top mortgage lenders now responsible for 44 percent of all home mortgages, up from 14 percent in 2000, the MBA reported. This has added to the backlog of applications with those lenders. However, smaller banks are also struggling with a reduced staff.